schrieb am 17.07.08 19:51:05
TED BUTLER COMMENTARY
July 15, 2008
It’s no longer a case that silver looks good; it’s also a case of
how bad everything else looks. That means that the safety of silver
is no longer a bonus, it’s an important investment
In fact, I am hard pressed to come up with a better current
investment than silver, considering how poor the alternatives
appear. To be sure, I must include gold in the insurance buying
category. If ever there were a time to own gold, this would appear
to be the right time. And investors seem to be moving to the safety
of gold, judging by price changes and the increase in ETF holdings.
At times like these, owning assets that are no one else’s liability
are comforting to everyone looking to preserve hard earned savings
against catastrophic and unexpected loss.
But if one decides to own an asset that is no one else’s liability
for insurance purposes, then it makes sense to own the very best
asset available. That would be silver, for the simple reason that
there is much less of it available than gold and it is less than
two percent of gold’s price. Plus, there are strong indications
that silver may finally be in the long-awaited wholesale shortage,
while logic dictates there will never be an industrial shortage of
gold, simply because it is not industrially consumed. It is a dual
role of silver as an industrial commodity and investment asset that
makes it so unique and attractive.It is the dual Of the two roles,
it is investment demand that holds the greatest potential for
causing the price to rocket in a flash. And while it is impossible
to predict and measure, nothing can impact investment demand more
than an emotional flight to quality by those suddenly nervous about
their alternative investments and deposits. The key, as always, is
to position yourself before any potential panic into silver.
Remember, if silver improves relative to gold to just 3 percent of
gold’s price from the current 2 percent, it will mean that silver
will return 50 percent more than whatever gold returns. And that
should be a very minimal expectation, in my opinion. Given the
facts available, it is hard to imagine how silver’s price won’t
improve relative to gold’s. More than ever, a switch to silver from
gold for those underexposed to silver makes sense. While price
volatility goes hand in hand with these emotional and uncertain
financial times, it is important to remain as grounded as possible.
One way to do that is by owning assets you don’t have to worry
about over the long term. That silver is the asset least to worry
about in stormy times, makes it the best asset to own.
SPM.TO: Regarding Scorpio's production, the company is processing
ore at a rate of a 1000ktpd. Each of the two ball mills with
nameplate capacity of 500ktpd have run at rates of up to 700 ktpd
which is why the company hopes to produce at 1400 ktpd by year end.
Sustainability is the primary obstacle to higher production and
more specifically a company needs to bring greater quantities of
proven ores to surface before increasing it's production rate. the
mill is engineered for a third ball mill of 1200 ktpy. The
integration of this third grinding unit involves procurement of a
ball mill ( shortages are apparent- minimum 9 months delivery ) but
will require limited infrastructure additions besides greater ore
input to the mill. Upon completion, the mill will potentially
operate up to 2500 ktpd (previously 2000ktpy). The increased
capacity even at lower prices of zinc and silver would generate an
estimated annual cash flow in excess of $50mm or better than fully
diluted $1.00 per Scorpio share.
The timing of the capacity increase to 2500 ktpd is difficult to
forecast. One of the most important variables will be a revised
mine plan that will provide the required feed.
The company continues to have excellent success in it's exploration
on the Nuestra Senora site. Confirmation or quantification of this
statement is forthcoming as the engineer with Watts Griffis has
filed his audit of the Nuestra Senora deposit on June 28th in
conjunction with a new soon to be released NI 43-101.
schrieb am 26.07.08 18:12:58
Die Börse ist kein Wunschkonzert!
Aber diese Kurse für Scorpio sind doch nicht zu rechtfertigen? Oder
ist etwas faul an der Aktie? Verkaufen Insider seit Monaten Ihre
Aktien ab? Habe bald keine andere Erklärung mehr!
Oder ist es bei den Investoren noch nicht angekommen, dass nächstes
Jahr 1 Dollar Cash-Flow erwirtschaftet wird?
Ich kann nur jeden raten dabei zu bleiben! Habe Ähnliches bei
DELONG, und BluPearl erlebt. Bei beiden Aktien hat sich ewig nichts
getan und plötzlich hat sich der Kurs verzigfacht.
Solange die Basisdaten stimmen (laufende Produktion,
Produktionsausweitung, Metallpreise, Produktionskosten,
Minenausstoß) unbedingt dabei bleiben!!!
Wie sehr ärgt euch der aktuelle Kurs? Wann erwartet Ihr Bewegung?
Mit den ersten Produktionsquartalszahlen? oder wann dann?
schrieb am 29.07.08 20:35:06
Cincoro Capital to acquire Scorpio Gold
2008-07-29 12:47 ET - News Release
Mr. Andrew Smith reports
CINCORO CAPITAL CORP. ENTERS INTO LETTER OF INTENT FOR ACQUISITION
OF SCORPIO GOLD CORPORATION
Cincoro Capital Corp. has entered into a letter of intent dated
July 28, 2008, with Scorpio Gold Corp. (a private company that is
93-per-cent owned by Toronto Stock Exchange-listed Scorpio Mining
Corp.), to purchase all of the issued and outstanding common shares
of Scorpio Gold or otherwise complete a business combination with
Scorpio Gold, incorporated under the Canada Business Corporations
Act, currently holds interests in two material gold properties, the
Caribou gold property, a former producing mining property, and the
Cochrane Hill gold property, both of which are located in Nova
Scotia. Scorpio Gold also holds a 100-per-cent interest in the Lac
Arseneault gold exploration property located in Quebec.
The acquisition, if completed, will constitute Cincoro's qualifying
transaction under the policies of the exchange. The acquisition is
an arm's-length transaction, and shareholder approval to the
acquisition will not be required by the exchange.
Name change and consolidation
Prior to the completion of the acquisition, Cincoro will complete a
share consolidation on a one-for-three basis (one postconsolidated
share for each three preconsolidated shares) and a name change,
expected to be to "Scorpio Gold Corporation."
Under the terms of the letter of intent, Cincoro will acquire all
of the issued and outstanding common shares of Scorpio Gold in
exchange for the issuance of common shares of Cincoro on the basis
of one postconsolidated common share of Cincoro for each one
Scorpio Gold common share outstanding. There are currently
28,855,764 Scorpio Gold common shares issued and outstanding, and
up to 1.4 million additional Scorpio Gold common shares will be
issued to Scorpio Mining in consideration for the repayment of a
bridge loan in the amount of $700,000. This will result in Cincoro
issuing a total of 30,255,764 postconsolidated common shares to
acquire Scorpio Gold. Upon completion of the acquisition, Scorpio
Gold will become a wholly owned subsidiary of Cincoro.
There are currently 7.1 million Cincoro common shares issued and
outstanding, as well as 200,000 common share purchase warrants and
600,000 stock options of Cincoro outstanding. Upon completion of
the share consolidation, the acquisition and including those
securities issued in the transactions discussed below, there are
expected to be 36,107,277 postconsolidated Cincoro common shares
issued and outstanding, 1,115,149 postconsolidated common share
purchase warrants and 3,225,000 postconsolidated stock options of
Upon completion of the acquisition, all Cincoro common shares to be
issued to holders of Scorpio Gold shares upon completion of the
acquisition may be subject to resale restrictions under applicable
securities laws and the policies of the exchange as applicable. In
addition, all common shares held by principals of Cincoro (as such
term is defined in the policies of the exchange) will be held in
escrow in accordance with the policies of the exchange. Subject to
all necessary approvals, Cincoro intends to change its name to
"Scorpio Gold Corporation" or a similar name, effective upon the
closing of the acquisition.
Proposed private placement
As a condition of the acquisition, Cincoro is required to complete,
following the completion of the share consolidation and
concurrently with the closing of the acquisition, a non-brokered
private placement to raise a minimum of $1.5-million and up to a
maximum of $2-million. An total of 50 per cent of the private
placement will be conducted by the issuance of units at a purchase
price of 55 cents per unit. Each unit will consist of one
postconsolidated Cincoro share and one-half of one postconsolidated
common share purchase warrant of Cincoro. Each whole warrant will
entitle the holder to acquire one postconsolidated Cincoro share at
a purchase price of 75 cents per share at any time during the
period of 18 months from the closing of the private placement. The
balance of 50 per cent of the private placement will be conducted
by the issuance of postconsolidated Cincoro shares issued on a
flow-through basis under the Income Tax Act (Canada) at a purchase
price of 60 cents per flow-through share.
The proceeds of the private placement will be used to finance the
costs associated with completing the acquisition, the proposed work
program on the Caribou gold property and for general working
Cincoro may pay a finder's fee to parties at arm's length to
Cincoro and Scorpio Gold, which introduce purchasers to Cincoro in
connection with the private placement in cash equal to 6 per cent
of the gross proceeds raised under the private placement and issue
such number of common share purchase warrants (finder's warrants)
as is equal to 4 per cent of the number of units and flow-through
shares issued and sold under the private placement. Each finder's
warrant will entitle the holder to acquire one postconsolidated
Cincoro share at a purchase price of 75 cents per share at any time
during the period of 18 months from the closing of the private
Concurrent with the completion of the acquisition, it is
contemplated that an additional 3,025,000 stock options at an
exercise price of 55 cents per postconsolidated Cincoro share,
exercisable over a period of five years from the completion of the
acquisition, will be granted to directors, officers, employees and
consultants of Cincoro in accordance with Cincoro's stock option
plan and subject to the rules and policies of the exchange.
The parties' obligations to complete the acquisition are subject to
the satisfaction of customary conditions precedent, including:
1. All necessary approvals of the exchange and all other regulatory
authorities and third parties to the acquisition and the private
placement being obtained;
2. The completion of the private placement, name change and share
consolidation on the terms set forth above;
3. The parties being satisfied with the results of their respective
due diligence reviews in connection with the acquisition.
Directors, officers and insiders
On completion of the acquisition, the directors, officers and
insiders of the resulting issuer are anticipated to be the
Peter J. Hawley, chief executive officer and director
Mr. Hawley is currently the president, chief executive officer and
a director of Scorpio Gold. From 1998 until September, 2006, he has
served as the chief executive officer of Scorpio Mining and has
served as the executive chairman and chief executive officer since
September, 2006. Mr. Hawley has 25 years of mining industry
experience that spans grassroots exploration through to development
and production. Mr. Hawley has worked extensively as a consulting
geologist to a large number of intermediate and senior mining
companies, including Teck Corp., Noranda Inc., Placer Dome Inc. and
Barrick Gold Corp. Mr. Hawley is also experienced in private and
public company financing and corporate administration.
Gilbert Comtois, chief financial officer
Mr. Comtois, a chartered accountant, has worked 18 years in
auditing of private and public companies, including junior
exploration and operating mining companies, before he joined
Scorpio Mining as controller in July, 2006. He became acting chief
financial officer of Scorpio Gold in May, 2007, and chief financial
officer of Scorpio Mining in September, 2007.
Janet Horbulyk, corporate secretary
Ms. Horbulyk has 25 years of experience with public companies and
securities regulation, including seven years with the listings
department of the Vancouver Stock Exchange.
Andrew Lee Smith, director
Mr. Smith is presently a director, president and chief executive
officer of Cincoro. Mr. Smith is also chief executive officer,
chairman and a director of Canaco Resources Inc.; president, chief
executive officer and a director of True North Gems Inc.; and
president of Iron Mask Exploration Ltd., a Vancouver-based
corporate and geological management firm that consults to the
mining industry. Mr. Smith has over 20 years of experience in
exploring, developing and operating North American base and
precious metal mining projects.
David Smalley, director
Mr. Smalley is presently corporate secretary of Cincoro. On
completion of the acquisition, Mr. Smalley will resign as corporate
secretary. Mr. Smalley is a partner at Fraser and Company LLP in
Vancouver, where he has practiced corporate and securities law
since 1990. He has been a director and officer of public companies
for over 13 years.
Brian Lock, director
Mr. Lock was an officer of Frontier Pacific Mining Corp. since
early 2006 until its takeover in July, 2008. Mr. Lock received a
higher national certificate in Electrical Engineering from Durham
College in England in 1971. Mr. Lock has over 30 years of
experience in the operations, feasibility, design engineering and
construction of numerous precious metals and base metal mining
projects around the world. Initially, Mr. Lock held senior
positions with a major international mining consortium and two
major engineering companies before forming in 1985 and becoming
president of Proton International Engineering Corp., a Canadian
engineering and construction company devoted to the development of
small and medium-sized mining projects. Mr. Lock has managed and/or
served as a director of several Canadian public and private
Luc Pelchat, director
Mr. Pelchat has realized multiple projects in the construction
industry in Mexico, where he has worked for more than 15 years as
an executive of various companies. Mr. Pelchat has significant
experience in businesses, human resources and financing in Canada,
Mexico and Africa. After a career of 24 years in a Canadian
multinational company operating in the construction industry, Mr.
Pelchat formed his own companies. Mr. Pelchat is also the founder
and president of the Chamber of Commerce of Canada in the north of
Mexico. Mr. Pelchat is also a member of the board of counselors of
Upon completion of the acquisition and the private placement,
Scorpio Mining will hold a total of 28,230,764 postconsolidated
Cincoro common shares, representing 78.91 per cent of the
then-issued and outstanding postconsolidated Cincoro common
Scorpio Gold assets
Scorpio Mining, a company trading on the TSX under the symbol SPM,
incorporated Scorpio Gold under the Canada Business Corporations
Act as a wholly owned subsidiary in July, 2006, as part of a
planned reorganization of its assets, whereby Scorpio Mining would
maintain its silver assets located in Mexico, and would transfer
its gold assets located in Canada, to Scorpio Gold. Scorpio Mining
now owns 93 per cent of the issued and outstanding Scorpio Gold
common shares. The gold assets, which were transferred to Scorpio
Gold effective Aug. 9, 2007, consist of the following.
During 2007, Scorpio Gold completed several non-brokered private
placements and raised a total of $1,012,500 through the issuance of
a total of 2,025,000 common shares at a purchase price of 50 cents
per share. Scorpio Gold has used the net proceeds from its private
placements for general and administrative purposes and to complete
the following exploration on the Caribou Gold property and the
Cochrane Hill property.
Caribou Gold property
Scorpio Gold has the right to earn a 100-per-cent interest in this
past-producing, high-grade gold mine, located 80 kilometres north
of Halifax, N.S., which is considered to have potential to expand
and upgrade the current NI 43-101 inferred resources of 350,305
tonnes grading 8.41 grams per tonne gold, uncut (containing an
estimated 94,763 ounces of gold). An exploration and development
plan has begun that includes surface diamond drilling; dewatering
of the old mine shaft; erection of a head frame, a hoist system and
supporting surface infrastructure; and underground mapping and
diamond drilling. Completion of this program will require
additional financing. Upon completion of the acquisition and
completion of the private placement, the finances received from the
issuance of the flow-through shares will be spent on the first
phase of the diamond drilling program. A bulk sample decision will
be made based on the results of this program.
During the summer of 2007, Scorpio Gold, holding a first right of
refusal to acquire the Caribou Gold property from Scorpio Mining,
began evaluation work on the property. The work comprised brush
clearing the main shaft area, refurbishment of the previous grid
baselines, and surveying the placement of buildings, electrical
lines, shafts and trenches with respect to the existing baselines.
Work also included the inspection of the existing shaft collar on
the No. 3 shaft and checking the bedrock conditions of a proposed
area for a possible hoist system.
In addition, from July 9 to July 26, 2007, Scorpio Gold drilled
eight HQ-sized surface diamond drill holes, which comprised a total
of 698 metres in length. The drilling was to target near-surface
stockwork-style quartz veins and to test exploration models. Three
of the eight holes targeted the north limb of the anticline, one
was a near-vertical hole testing the anticlinal axis that may have
hosted a saddle reef-type vein and four targeted the previously
identified B/C zone on the south limb. Five of the eight holes
appear to have intersected the targets. At the time of the Caribou
report, the drill holes had not been assayed for their mineral
content. Results remain pending. No further exploration work has
been conducted on this property to date.
Four major diamond drill programs have targeted gold mineralization
on the Caribou property. Holes include approximately 165 surface
holes and 206 underground holes, which test auriferous zones. Holes
have tested the auriferous zone over a strike length of 800 metres
and to an average depth of 240 metres.
Scorpio Gold has spent a total of $452,715 on the Caribou Gold
property, mainly on drilling as set out above, since acquiring the
property from Scorpio Mining in August, 2007.
Cochrane Hill property
Recently, this advanced, 100-per-cent owned property located in
Guysborough county, N.S., was optioned to Atlantic Gold Mines NL of
Australia. The current NI 43-101 resource estimate calculated by
Scorpio Mining in 2004 indicates a total indicated gold resource
estimated at 588,794 tons grading 0.191 ounce per ton gold (112,460
contained ounces of gold) and an inferred gold resource estimate of
29,422 tons grading 0.165 ounce per ton gold. Atlantic Gold is
working to increase this resource through a planned $4.75-million
exploration program and will also make $100,000 in cash payments
over a four-year period to earn a 60-per-cent interest in the
project. Atlantic Gold's main focus is examining the economic
viability of an open-pit mining operation.
Atlantic Gold is the operator of the Cochrane Hill property.
Accordingly, Scorpio Gold has not conducted any exploration on this
property since it was acquired from Scorpio Mining in August,
Lac Arseneault property
Located in the Gaspe region of Eastern Quebec, the property is a
mid-stage exploration project in which Scorpio Gold has a
100-per-cent interest. High-grade gold-silver-zinc-lead
mineralization is hosted in an extensive system of quartz veins and
breccia zones. Previous work includes mapping, geophysics,
trenching and diamond drilling.
Scorpio Gold has not conducted any exploration on the Lac Arsenault
property since it was acquired from Scorpio Mining in August,
The qualified person, as defined under National Instrument 43-101
for Scorpio Gold's projects, is Mr. Hawley, the president of
Scorpio Gold. Mr. Hawley is responsible for the preparation of all
technical information provided in this news release and has
reviewed and approved the contents of this news release.
Completion of this transaction is subject to a number of
conditions, including, but not limited to, exchange acceptance. The
transaction cannot close until the required exchange approval is
obtained. There can be no assurance that the transaction will be
completed as proposed or at all.
We seek Safe Harbor.
schrieb am 05.08.08 14:23:04
Scorpio Begins Shipments Of Concentrates From Its 100% Owned
Nuestra Senora Project, Sinaloa State, Mexico.
SCORPIO MINING CORP SPM
8/5/2008 8:05:04 AM
VANCOUVER, Aug. 5, 2008 (Canada NewsWire via COMTEX News Network)
Scorpio Mining Corporation (TSX:SPM) is very pleased to announce
that on Tuesday, July 29th, 2008 it started shipping lead
concentrate from its 100% owned Nuestra Senora project, Sinaloa
Peter J. Hawley, Chairman, CEO reports, "Last week was very
exciting for the Company as it marks a milestone towards receiving
this quarter our first ever cash flow from the project. Currently
we are only consistently running one of the two ball mills at an
average rate for the month of July of 625 tonnes per day as the
mill tune-up nears completion. It is interesting to note that on
one day in the month the Company ran 1,048 tonnes of material
through both ball mills. First cash receipts for both the lead and
zinc concentrates are expected approximately mid September
Last Tuesday July 29th, the Company made the first shipments of
lead concentrate to the Penoles smelting facility in Mexico
consisting of two concentrate trucks each carrying 35 tonnes. The
start up grade of the concentrate satisfies an acceptable payment
grade for smelting.
During the last week the mill facility has been improving not only
the concentrate grade but recovery of all payable metals contained.
For the month of July the Company produced an average of 8.20
tonnes of lead concentrate per day with an average grade of 54.51%
lead and containing 2,225 grams per tonne silver.
Lead concentrate shipments will be made on a regular basis at the
initial rate of one truck every 3 to 4 days with shipments
increasing as the mill ramp up continues. Penoles accepts shipments
until the 28th of each month at which time the monthly account is
closed and the payment for the concentrates follows 15 days
Currently the Company has 300 tonnes of zinc concentrate ready to
be shipped by truck to its port loading facility in Manzanillo,
México for transport to Asian smelters. The Company has contracted
5,000 tonnes of storage at the warehouse.
It is expected that in August the Company will begin shipment of
the start up zinc concentrate. For the month of July the Company
produced an average of 15.6 tonnes of zinc concentrate per day with
an average grade of 48.14% zinc and containing 268 grams per tonne
Regular zinc concentrate shipments will be made at the initial rate
of one truck per every second day and will continue to increase as
the mill ramp up continues. An advance payment will be made 15 days
after the accumulation of a lot of 1,000 tonnes at the
Further information on the Company and the Nuestra Senora project
and photos of the first shipment are available on the Scorpio
Mining web site at: www.scorpiomining.com.
President, Mr. D. Roger Scammell, PGeo, is the Company's Qualified
Person for the Nuestra Senora project. Mr. Scammell is responsible
for the current exploration and development program and has
reviewed the content of this release. All technical information for
the Nuestra Senora property is obtained and reported under a formal
quality assurance and quality control (QA/QC) program. Samples are
shipped to the ALS Chemex preparation laboratory in Hermosillo,
Mexico for drying, crushing and pulverizing. ALS Chemex, Hermosillo
then sends the pulps by air-freight to ALS Chemex, Vancouver for
assaying. Systematic assaying of standards and blanks are performed
for the precision and accuracy; check assays are regularly
conducted by SGS Lakefield Research. Details of the QA/QC program
are available on the Company's website.
ON BEHALF OF SCORPIO MINING CORPORATION
Peter J. Hawley
Chairman & CEO
schrieb am 07.08.08 19:43:51
weiss jemand näheres über den Cincoro Aktientausch, erst sollen die
Cincoro Aktien 1:3 zusammengelegt werden, dann mit Scorpio
verschmolzen. Scheinbar stehen 7,1 Millionen aus , scheinbar hat
Cincoro so gut wie keine Assets (0,33Mio);was ist da los??